via Flickr
Young people need to know essential money management skills like budgeting, saving, long-term goal setting, and the responsible use of credit.
Leaving the responsibility for teaching such priceless lessons at the feet of public schools was not helping close the knowledge gap, so celebrities Will Smith and Nas put their money where their mouths are.
The pair invested startup funding into a zero-fee banking app, Step, targeted at young people.
The Step app meets teens where they already make the majority of their spending decisions - on their phones - and keeps parents involved too.
Purchases can be monitored and regulated by parental controls and money can be added to accounts or the connected cash card.
Step’s founder and CEO CJ MacDonald seized an opportunity to help infuse fiscal responsibility into the cashless age, remarking that “it was easy with cash to go to the mall, but now everyone is using their phone for Uber and more.”
Indeed, times have changed but the fundamentals remain the same of spending less than you earn, investing early, denying instant gratification, and building up your financial reputation by paying bills on time.
It’s great to see our icons support technology that can help Black youth change their money mindsets for the better.